London, August 10 news: On Thursday, copper futures on the London Metal Exchange (LME) rose first and then fell, as the dollar exchange rate stopped falling and rebounded, putting pressure on the dollar-priced metal.
Three-month copper on the LME was down 0.37% at $8,370 a tonne by 1627 GMT on Thursday.
Copper is used mainly in the power and construction industries and is widely seen as a barometer of global economic growth. Copper is down 0.06% so far this year after falling 13.8% in 2022.
So far this week, Lun Copper has fallen 2.39%, which will also be the second consecutive week of decline because of the uneven economic recovery in China.
Data this week showed consumer prices in China slipped into deflation, with factory prices extending their decline in July, raising hopes that more stimulus will be needed to support the recovery.
Ava Manter, an analyst at ING, said most industrial metals remained dependent on China's economic stimulus. If China rolls out stimulus measures, especially in the real estate sector, that would boost demand for metals and support a rebound in metal prices. In the short term, base metal prices will continue to be volatile as the market focus will be on the macro picture while weak global economic growth weighs on demand.
The U.S. dollar rose on Thursday, meaning the dollar-denominated metal was more expensive for buyers holding other currencies.
U.S. data on Thursday showed U.S. consumer prices rose modestly in July as commodity costs fell, which could help convince the Federal Reserve to keep interest rates on hold next month.
Zinc prices on the LME fell 1.2% to $2,450 an ounce on Thursday as inventories in LME-registered warehouses halted their decline since August and rose to a three-week high of 71,525 tonnes. At the beginning of August, the spot zinc contract shifted from a discount to a premium relative to the three-month zinc contract, indicating that the LME's recent supply was tightening at that time. But by Wednesday's close, that premium was down to $27.5 a ton, down from $36.5 a ton at Wednesday's close -- the highest premium since Feb. 20
Other metals by the close included LME aluminum up 0.3 percent at $2,202.5 a tonne; lead up 0.4 percent at $2,135.5 a tonne; tin down 1.5 percent at $26,855 a tonne; $20,425 per ton.
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